Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Cove Street Small Cap Value Fund featured stocks like Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) in the first quarter 2024 investor letter. Headquartered in Englewood, Colorado, Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) is a travel guidance platform. On April 10, 2024, Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) stock closed at $1.52 per share. One-month return of Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) was 2.01%, and its shares gained 94.90% of their value over the last 52 weeks. Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) has a market capitalization of $139.914 million.
Cove Street Small Cap Value Fund stated the following regarding Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) in its first quarter 2024 investor letter:
“The star of the quarter was clearly Liberty Tripadvisor Holdings Inc. (OTC:LTRPA), which to be fair has had plenty of ups and downs over the last few years of ownership. TripAdvisor and our Liberty vehicle put out press releases essentially saying that they have been approached by a suitor and that they have formed special committees to evaluate said approach. Our recent research efforts led by new Partner Austin Farris correctly identified that the value of the “Experiences” entity, Viator, was the real, not-really-hidden asset, and the lopsided sum of the parts valuation flag seems now to be hoisted by third parties. There is no certainty in a deal, or what kind of deal, but all of this is good for a leveraged entity dependent upon a move in TripAdvisor. We sold aggressively into the move but retain a smaller stake.”
A traveler having a delicious meal at a local restaurant with a view of the city.
Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Liberty Tripadvisor Holdings Inc. (OTC:LTRPA) was held by 2 hedge fund portfolios, compared to 12 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
